Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Paying user area
Try for free
Exxon Mobil Corp. pages available for free this week:
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Exxon Mobil Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Current Valuation Ratios
Exxon Mobil Corp., current price multiples
| Exxon Mobil Corp. | Chevron Corp. | ConocoPhillips | Oil, Gas & Consumable Fuels | Energy | ||||
|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||
| Current share price (P) | ||||||||
| No. shares of common stock outstanding | ||||||||
| Growth rate (g) | ||||||||
| Earnings per share (EPS) | ||||||||
| Next year expected EPS | ||||||||
| Operating profit per share | ||||||||
| Sales per share | ||||||||
| Book value per share (BVPS) | ||||||||
| Valuation Ratios (Price Multiples) | ||||||||
| Price to earnings (P/E) | ||||||||
| Price to next year expected earnings | ||||||||
| Price-earnings-growth (PEG) | ||||||||
| Price to operating profit (P/OP) | ||||||||
| Price to sales (P/S) | ||||||||
| Price to book value (P/BV) | ||||||||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Exxon Mobil Corp., historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The valuation ratios exhibit varied trends over the five-year period. Generally, ratios increased from 2023 to 2025, suggesting a growing premium placed on the company’s value by the market. However, significant fluctuations occurred between 2021 and 2023, indicating periods of market reassessment.
- Price to Earnings (P/E)
- The Price to Earnings ratio decreased substantially from 14.11 in 2021 to a low of 8.01 in 2022, before recovering to 11.49 in 2023. Further increases were observed in 2024 (14.21) and 2025 (21.77), representing a considerable rise over the period. This suggests that investor expectations regarding future earnings growth have increased, or that the market price has risen relative to earnings.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, Price to Operating Profit decreased from 9.86 in 2021 to 5.65 in 2022. A recovery began in 2023 (7.62), continuing through 2024 (9.57) and reaching 14.85 in 2025. The trend mirrors that of the P/E ratio, indicating a strengthening relationship between market price and operating profitability.
- Price to Sales (P/S)
- The Price to Sales ratio remained relatively stable between 2021 and 2023, fluctuating around 1.17 to 1.24. A noticeable increase began in 2024 (1.41), accelerating to 1.94 in 2025. This indicates that investors are willing to pay more for each dollar of revenue generated, potentially reflecting expectations of improved revenue growth or profitability.
- Price to Book Value (P/BV)
- The Price to Book Value ratio increased from 1.93 in 2021 to 2.29 in 2022, then decreased to 2.02 in 2023 and further to 1.81 in 2024. A subsequent increase to 2.42 in 2025 suggests a renewed investor confidence in the company’s net asset value. The fluctuations suggest a changing perception of the company’s ability to generate returns from its assets.
Overall, the observed trends suggest a period of market correction in 2022, followed by a sustained period of increasing valuation multiples from 2023 to 2025. This indicates a growing positive sentiment towards the company’s future prospects.
Price to Earnings (P/E)
Exxon Mobil Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income attributable to ExxonMobil (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| P/E Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/E Ratio, Industry | ||||||
| Energy | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income attributable to ExxonMobil ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Exxon Mobil Corp. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited considerable fluctuation over the five-year period. Initially, the P/E ratio decreased significantly before stabilizing and then increasing substantially. This movement correlates with changes in both share price and earnings per share.
- Share Price
- The share price demonstrated an overall upward trend, though not consistently. It increased from US$76.77 in 2021 to US$109.73 in 2022, experienced a slight decline to US$104.32 in 2023, rose again to US$110.30 in 2024, and concluded with a substantial increase to US$150.68 in 2025.
- Earnings Per Share (EPS)
- Earnings per share peaked in 2022 at US$13.69, following a rise from US$5.44 in 2021. Subsequently, EPS decreased to US$9.08 in 2023 and continued to decline to US$7.76 in 2024, before reaching US$6.92 in 2025. This represents a consistent downward trend in profitability over the latter part of the observed period.
- P/E Ratio Analysis
- The P/E ratio began at 14.11 in 2021. A significant decrease was observed in 2022, falling to 8.01, primarily driven by the substantial increase in earnings per share. The ratio then rose to 11.49 in 2023, reflecting the decrease in EPS coupled with a slight decline in share price. A further increase to 14.21 occurred in 2024, and culminated in a notable rise to 21.77 in 2025, attributable to the combination of a rising share price and declining earnings per share. The increasing P/E ratio in the final two years suggests investors were willing to pay a higher premium for each dollar of earnings, potentially indicating increased market confidence or expectations of future growth despite declining current profitability.
The interplay between share price and earnings per share significantly influenced the P/E ratio. The initial decrease in the P/E ratio was a result of strong earnings growth outpacing share price appreciation. However, the subsequent increases in the P/E ratio were driven by share price gains exceeding the decline in earnings.
Price to Operating Profit (P/OP)
Exxon Mobil Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| P/OP Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/OP Ratio, Industry | ||||||
| Energy | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Exxon Mobil Corp. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio for the analyzed period demonstrates considerable fluctuation. Initially, the ratio decreased significantly before exhibiting a subsequent increase over the five-year timeframe. This analysis details the observed trends and potential implications.
- Overall Trend
- The P/OP ratio began at 9.86 in 2021, decreased substantially to 5.65 in 2022, then increased to 7.62 in 2023 and 9.57 in 2024. The most significant increase occurred between 2024 and 2025, with the ratio reaching 14.85. This indicates a growing premium investors were willing to pay for each dollar of operating profit generated by the company.
- 2021-2022 Decline
- The marked decline in the P/OP ratio from 2021 to 2022 coincided with a substantial increase in operating profit per share, while the share price also increased, but at a slower rate. This suggests that the market anticipated higher future earnings, but the actual increase in share price did not fully reflect the growth in operating profitability, resulting in a lower ratio.
- 2022-2024 Recovery
- From 2022 to 2024, the P/OP ratio experienced a moderate recovery. While operating profit per share decreased from 2022 to 2023, and again from 2023 to 2024, the share price demonstrated relative stability, and even a slight increase, contributing to the ratio’s upward movement. This suggests investor confidence remained relatively consistent despite fluctuations in operating profitability.
- 2024-2025 Surge
- The most notable change occurred between 2024 and 2025. A significant increase in share price, coupled with a smaller decrease in operating profit per share, drove the P/OP ratio to its highest point in the analyzed period. This substantial increase could indicate heightened investor optimism, potentially driven by external factors or anticipated future growth not fully reflected in current operating profits.
In summary, the P/OP ratio exhibited a dynamic pattern over the five-year period, characterized by an initial decline, a period of moderate recovery, and a substantial increase in the final year. These fluctuations suggest a complex interplay between share price movements and operating profitability, influenced by both company-specific performance and broader market sentiment.
Price to Sales (P/S)
Exxon Mobil Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Sales and other operating revenue (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| P/S Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/S Ratio, Industry | ||||||
| Energy | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Sales and other operating revenue ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Exxon Mobil Corp. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price-to-sales ratio exhibited a fluctuating pattern over the five-year period. Initially, the ratio decreased slightly before increasing and then rising more substantially in later years. This suggests a changing investor valuation of sales generated by the company.
- Price-to-Sales Ratio Trend
- The price-to-sales ratio began at 1.17 in 2021. A slight decrease was observed in 2022, with the ratio falling to 1.12. The ratio then increased to 1.24 in 2023, followed by a further increase to 1.41 in 2024. The most significant change occurred between 2024 and 2025, with the ratio rising to 1.94.
- Share Price and Sales per Share Relationship
- The share price demonstrated an overall upward trend, although not consistently. It increased from US$76.77 in 2021 to US$109.73 in 2022, before decreasing to US$104.32 in 2023. A subsequent increase to US$110.30 in 2024 was followed by a substantial rise to US$150.68 in 2025. Sales per share initially increased from US$65.36 in 2021 to US$97.93 in 2022, but then declined steadily to US$77.74 by 2025. The increasing price-to-sales ratio, particularly in the later years, occurred despite declining sales per share, indicating investors were willing to pay a higher premium for each dollar of sales.
The observed increase in the price-to-sales ratio in the final two years of the period suggests growing investor optimism, potentially driven by factors not reflected in sales figures alone, such as anticipated future growth or improved profitability. The divergence between the share price trend and the sales per share trend warrants further investigation to understand the underlying drivers of valuation.
Price to Book Value (P/BV)
Exxon Mobil Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Total ExxonMobil share of equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| P/BV Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/BV Ratio, Industry | ||||||
| Energy | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Total ExxonMobil share of equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Exxon Mobil Corp. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value (P/BV) ratio exhibited fluctuations over the five-year period. Initially, the ratio increased from 2021 to 2022, then decreased in 2023, followed by a further decrease in 2024, and finally increased significantly in 2025.
- Overall Trend
- The P/BV ratio demonstrated a non-linear trend. While a general increase is observed from 2021 to 2022, the subsequent years show volatility before a substantial rise in 2025. This suggests changing investor sentiment or shifts in the market’s assessment of the company’s net asset value relative to its market capitalization.
- Year-over-Year Changes
- From 2021 to 2022, the P/BV ratio increased from 1.93 to 2.29, indicating that the market valued each dollar of the company’s book value more highly in 2022. A decrease followed in 2023, with the ratio falling to 2.02. This suggests a slight reduction in investor confidence or a reassessment of the company’s asset base. The ratio continued to decline in 2024, reaching 1.81, representing the lowest value within the observed period. However, a significant increase to 2.42 occurred between 2024 and 2025, indicating a substantial shift in market perception.
- Relationship to Underlying Components
- The share price increased from US$76.77 in 2021 to US$150.68 in 2025. Simultaneously, the book value per share (BVPS) also increased, moving from US$39.82 to US$62.25 over the same period. The P/BV ratio’s fluctuations are a result of the interplay between these two components. The larger increase in share price in 2025, compared to the increase in BVPS, drove the significant rise in the P/BV ratio during that year.
The observed changes in the P/BV ratio warrant further investigation into the factors driving both the share price and the book value per share. These factors could include changes in profitability, asset utilization, debt levels, and overall market conditions.